Millennium Management LLC Cuts Position in Inseego Corp. (NASDAQ:INSG)

Millennium Management LLC lessened its holdings in Inseego Corp. (NASDAQ:INSG - Free Report) by 55.8% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 32,211 shares of the technology company's stock after selling 40,732 shares during the period. Millennium Management LLC owned approximately 0.22% of Inseego worth $330,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Marshall Wace LLP raised its holdings in shares of Inseego by 19.9% in the 4th quarter. Marshall Wace LLP now owns 371,992 shares of the technology company's stock worth $3,817,000 after purchasing an additional 61,623 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in shares of Inseego by 3.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 158,673 shares of the technology company's stock worth $1,628,000 after purchasing an additional 5,992 shares during the period. Geode Capital Management LLC raised its holdings in shares of Inseego by 19.0% in the 4th quarter. Geode Capital Management LLC now owns 124,121 shares of the technology company's stock worth $1,274,000 after purchasing an additional 19,817 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Inseego by 199.0% in the 4th quarter. Renaissance Technologies LLC now owns 117,941 shares of the technology company's stock worth $1,210,000 after purchasing an additional 78,495 shares during the period. Finally, Jacobs Levy Equity Management Inc. bought a new stake in shares of Inseego in the 4th quarter worth approximately $1,114,000. Hedge funds and other institutional investors own 34.20% of the company's stock.

Wall Street Analysts Forecast Growth

INSG has been the topic of a number of research reports. Wall Street Zen cut shares of Inseego from a "buy" rating to a "hold" rating in a report on Thursday, May 22nd. Stifel Nicolaus lowered their target price on shares of Inseego from $11.00 to $8.00 and set a "hold" rating on the stock in a report on Thursday, April 17th. Three equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Inseego has a consensus rating of "Moderate Buy" and a consensus target price of $13.00.

Inseego Stock Performance

INSG stock traded down $0.37 during midday trading on Friday, reaching $6.98. 162,270 shares of the company's stock traded hands, compared to its average volume of 175,263. The company has a 50-day moving average price of $7.82 and a two-hundred day moving average price of $9.76. Inseego Corp. has a 52 week low of $6.24 and a 52 week high of $20.67. The firm has a market capitalization of $104.76 million, a PE ratio of -11.26 and a beta of 1.14.

Inseego Profile

Inseego Corp. engages in the design and development of cloud-managed wireless wide area network (WAN) and intelligent edge solutions for businesses, consumers, and governments worldwide. The company provides 5G and 4G mobile broadband solutions, such as mobile hotspots under the MiFi brand; and 4G VoLTE products and 4G USB modems.